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PDL BioPharma Announces Internal CEO Investigation Found No Credible Evidence of Improper Personal Conduct or Breach of Fiduciary Duty
Date:8/20/2007

- Despite outcome, CEO Mark McDade to resign for personal reasons -

FREMONT, Calif., Aug. 20 /PRNewswire-FirstCall/ -- PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced that a three-month internal investigation of the company's chief executive officer (CEO), Mark McDade, found no credible evidence of improper personal conduct or breach of fiduciary duty by McDade to corroborate the various allegations investigated. The company also announced that McDade, following the investigation and due to the personal toll created by the unsubstantiated rumors and related investigation, has decided to step down as CEO and a member of the board by the end of 2007. The company's board of directors will initiate a CEO search immediately and has formed a committee of independent directors to conduct the search. Separately, the board continues its ongoing corporate strategic review, which has been aided by Merrill Lynch & Co., and anticipates providing an update in the future.

The Audit Committee of the board conducted an extensive independent investigation of a number of allegations that have been made publicly regarding McDade, primarily focused on allegations published in filings with the Securities and Exchange Commission by one of PDL's stockholders. The Audit Committee engaged two independent law firms to assist in conducting the investigation, which included interviews with dozens of individuals inside and outside PDL, as well as the comprehensive review of email communications and other documents. Among the findings, the investigation determined that there was no credible evidence of a conflict of interest relating to an alleged relationship between McDade and another officer of the company, that there was n
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SOURCE PDL BioPharma, Inc.

Copyright©2007 PR Newswire.

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